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Wednesday, 03 December 14
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
 The dry bulk market seems unable to turn sentiment round and is still looking for direction. The BCI's 887-point free fall last week had an obvious negative influence on the market, decelerating the “positive” movement of the other dry bulker segments. Although average freight rates have improved considerably compared to average levels of Q3, they are still well below expectations built up before the last quarter. It is clear by now that this bitter taste will usher us into the New Year as well. Under the current freight environment and with rates looking unable to bounce back up for longer periods, it seems that investment interest is scaling back currently.
In the New Building sector, the very strong 2013 in terms of orders and the equally strong beginning of this year as well, originally allowed Shipbuilders to become more relaxed as their slots were fully booked for 2015 and the 1st half of 2016. As the last quarter of 2014 is nearing to its end, the lack of demand for securing new slots and the increasing number of non-effective orders has changed sentiment dramatically though, pushing yards to become more accommodating in their price expectations and even offer substantial discounts in certain cases. As a matter of fact, Top Chinese shipyards are currently willing to offer Ultramax and Kamsarmax slots at USD 27.0m and USD 29.0m respectively, but even prices like that are considered too expensive to attract the attention of owners who could be considering a newbuilding order. In the same spirit, resale candidates are also facing lack of interest as the current freight market is not tempting enough for an owner to pay the premium.
At the same time, the downward correction of demolition prices during the past weeks by more than $50/$60 per long ton, has had an immediate effect on older assets, although given the highs demo prices reached this year, even after such corrections, the current levels of $430/$440 per long ton, offered in the Indian sub-Continent for dry bulk units are still relatively attractive. Therefore vessels built up to 1995 are currently in the market for scrap related prices, with small differentiations relative to their size, SS/DD position and delivery place. Tonnages built within the first decade of 2000 enjoy the most interest, while at the same time these vessels present heavily corrected prices, which are comparable to 2012 levels.
The softening of Japan’s currency has simultaneously brought additional sale candidates in the market, with buyers concentrating in modern Japanese built tonnage with the view that a quick profit could be locked by what looks like another mini-cycle in terms of asset values. As evidenced by the table above table, vessels prices are very close to bottom levels reached back in the December 2012 – January 2013 period, while the freight market has been fairing at better levels compared to that period, possibly implying opportunities to be found in the second-hand market.
By Konstantinos Kontomichis, SnP Broker, Intermodal
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 19 January 15
FOB RICHARDS BAY COAL SWAP FOR Q4 DELIVERY CLOSED 4% LOWER THAN Q1 DELIVERY PRICE
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 declined month over month and week over week.
The Q1 swap has f ...
Sunday, 18 January 15
INDONESIA TO INDIA SUPRAMAX FREIGHT RATES ARE EXPECTED TO REMAIN WEAK NEXT WEEK
COALspot.com: The BDI was up 4.51 pct week on week on Friday 16, January 2015. The BDI closed at 741 points on this Friday after gaining arou ...
Friday, 16 January 15
U.S. WEEKLY COAL PRODUCTION UP 7.3% W-O-W
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
Thursday, 15 January 15
PANAMAX : MARKET CONTINUE ON LOW PACE - FEARNLEYS
Handy
On a general basis we can say that rates are softening in both hemispheres. Although for some specific trades we can see premiums being ach ...
Thursday, 15 January 15
LOW CASH COSTS, GOOD LIQUIDITY HELP ASIAN OIL COMPANIES IN PRICE ROUT - FITCH
Fitch Ratings says that rated oil and gas production companies in Asia can comfortably operate under low oil prices for some time given their gener ...
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- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
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